In the November issue of The DeWeese Report, published by the American Policy Center, Tom DeWeese provides one of the most cogent explanations for the current financial crisis that you will read anywhere. You can read it online at http://www.americanpolicy.org/more/market.htm.

For a decade I was the Director of Communications for the Center and remain affiliated. In a time when the need for truth and straight talk is critical, you might well want to join and support the Center.

The November issue contains a speech that was made on the floor of the House of Representatives by Louis McFadden, Chairman of the House Banking and Currency Committee. The year was 1934 in the midst of the Great Depression. Here are some excerpts:

“We have in the country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. The Fed has cheated the government of these United States and the people of the United States out of enough money to pay the nation’s debt…many times over.”

How timely this is as the U.S. treasury is being raided to bail out banks, an insurance company, investment firms, and possibly individual auto companies and others to the tune of billions.

In 1934, McFadden noted that “This evil institution has impoverished and ruined the people of the United States, has bankrupted itself and has practically bankrupted our government.” What we are witnessing, of course, is the devaluation of the U.S. dollar and this must be laid at the feet of the Fed, the institution that was created to protect its value.

“Some people think that the Federal Reserve Banks are United States government institutions,” said McFadden. “They are private monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers: foreign and domestic speculators and swindlers; and rich and predatory money lenders.”

Consider how the present financial crisis was the direct result of government mandates that banks and other lending companies had to provide mortgage loans to people that otherwise would never have received them had prudent banking practices been allowed to function.

“The United States has been ransacked and pillaged. Our structures have been gutted and only the walls are left standing…What we need to do is send the reserves of our national banks home to the people who earned and produced them, and who still own them, and to the banks which were compelled to surrender them to predatory interests.”

This is precisely why banking and investment institutions “bundled” and sold mortgage loans as alleged “assets” for which no value could be assigned, knowing that Freddie Mac and Fannie Mae were backed by the U.S. government. As Tom DeWeese says in his commentary, “These were worthless loans to satisfy politically correct motives, and worthless money to pay for it all.”

The global impact of the U.S. financial crisis was anticipated by McFadden who called the Fed “a public trough of American wealth in which the foreigners claim rights to or greater than Americans…All this is done at the expense of the United States government and at a sickening loss to the American people.”

For those who might be tempted to dismiss those remarks from 74 years ago, I can tell you that I recently talked with a former Fed auditor who confirmed that its oversight of banks was and is farcical. “We were dealing with people who knew the regulations inside and out, who knew all the loopholes. It was not unusual for us to spend our days working The New York Times crossword puzzle to pass the time.”

The current Secretary of the Treasury, Henry Paulson, who announced a financial crisis rather conveniently for Barack Obama just before Election Day has now announced that plans for the $700 billion bailout money have changed. No more buying of “toxic paper” because, after all, it is worthless. The taxpayer’s money will now be redirected. Where? We have not been informed. The nation is being run these days by Goldman Sachs.

The Fed is a quasi-government institution. It is a consortium of twelve regional banks that is presumed to be answerable to the federal government. Under the regime of Alan Greenspan, its former chairman, it permitted, indeed, encouraged this debacle to occur. It is time to end the reign of the Federal Reserve. It was time in 1934.

Americans are watching the plundering and looting of the U.S. Treasury for political and private gain. Apparently, there is nothing we can do about it.

We are fast approaching the general election, in November, here in the United States. For those of you outside the US, this is “The Big One”. This is the election we hold every four years to decide the direction the United States will take for the next four years, at the very least. Every time one of these elections rolls around we bill it as the most important election… ever. And that is true. Every last one of these elections is, in fact, the most important election in the United States… EVER.

But this 2008 election could be the election that shuts down the greatest experiment in democracy ever to be tried in the history of this planet.

Why?

Because, this time around, Americans are deciding whether they wish to remain free, or, if they really wish to enslave themselves, and their neighbors, in the morass of soul rotting socialism. All indicators, at the moment, say that Americans are prepared to give up freedom, next month, for the false promise(s) of socialism.

Now, understand this: for those of us who pay attention to history and to world events… we have come to KNOW, deep down, where we live, that socialism equals slavery. You can parse it anyway you like… but in the end… we believe socialism and slavery are the same thing… at least the results of both are the same.

So… why are the masses trailing after the candidate many of us closely associate with socialism begging for anything from him, a glance, a raised eyebrow, a wave of the hand, maybe a touch… anything? The bottom line is: ignorance.

We have at least two generations of Americans who have been taught in America’s public education system that socialism is a good thing. It is a fair thing. It is an equitable thing. Of course it is none of those, but, you see, in their ignorance they believe it is… and they want it! They’re looking for handouts; they’re looking for freebies from the government. That alone demonstrates their utter lack of knowledge about government, what it is and how it works. They don’t understand, or they don’t care, that the US government has no money of it’s own. Which, of course, means that money must be taken from someone else to give to those with their hands out. The source of the money the government hands out is the American taxpayer. That’s you and me, our neighbors, little business and big business.

In the socialist movement, in America today, there is a partition dividing the two classes within the movement. On one side of the partition are the pawns. They are the “needy” ones. The voters who want something from the government, such as socialized healthcare. The leftist candidate, and those clinging to him, as well as a large block of voters from the right side of the political spectrum make up the bulk of that division. On the opposite side of the partition are the “super elite” running this scam on the ignorant American voters amongst the vast American electorate, both left and right. The reach and influence of this “super elite” is so vast that it includes controlling political candidates so naïve they actually believe THEY (The candidates) are in control and will be in control should they actually win their respective elections. In fact, it is the “super elite” pulling the strings. The “super elite” are the manipulators. They are often referred to as “The Shadow Government”.

Read the following quote carefully: “It is becoming increasingly apparent to American citizens that government is no longer being conducted in accordance with the U.S. Constitution, or, within states, according to state constitutions. While people have recognized for more than 150 years that the rich and powerful often corrupt individual officials, or exert undue influence to get legislation passed that favors their interests, most Americans still cling to the naive belief that such corruption is exceptional, and that most of the institutions of society, the courts, the press, and law enforcement agencies, still largely comply with the Constitution and the law in important matters. They expect that these corrupting forces are disunited and in competition with one another, so that they tend to balance one another.

Mounting evidence makes it clear that the situation is far worse than most people think, that during the last several decades the U.S. Constitution has been effectively overthrown, and that it is now observed only as a façade to deceive and placate the masses. What has replaced it is what many call the Shadow Government.” (From: “The Shadow Government”. You’ll find it at:

Take a step back and look at the candidates we have running for President of the US today. How often have you asked yourself… “Is this the best my party could offer for the extremely important office of President of the United States?” I have certainly asked it of myself, and I’d venture a guess that you have, as well, both republican and democrat. Is it not obvious to you that something is amiss? We KNOW there are men and women far more qualified for president than those on the tickets of the Democratic and Republican parties. If you are honest with yourself, do you not, just a tiny bit, suspect a set-up? HAVE we been set up?

And why socialism? Simple really. Democracy, even the kind of democracy we have in this representative republic, just gets in the way of the super elite, “the shadow government”. I am convinced they want it gone. In it’s place they will install “Central Planning”. Central planning is at the core of any socialist government. So… for the “powers that be” to be able to exercise unrestrained control they need socialism in America.

Government control of the financial markets is must for central planning to be successful. Last week we gave the US government effective control of our financial markets. Do you see a pattern emerging here? (And I haven’t even mentioned the ongoing efforts toward a North American Union.)

I think it is fair, even timely, to ask: Is this the last election? Honestly, I don’t have the answer to that. Too much is yet unknown. But enough is known and enough is suspected that American voters, of a right, ought to be extremely concerned over the direction in which we are been herded like sheep. I, for one, resent it and I, for one, want my country back.

Well… what happened?Pelosi, Frank, Reid, and yes, McCain, Bush, and let us not forget Obama, and that crowd of old hippies in Congress… aw, you know the experts on finance, the folks who want to nationalize the nations financial markets… YEAH, that bunch…assured us the nation and the world had been saved by the 700 billion, no, wait, that’s 800 billion, no, wait, it’s 850 billion… and climbing “rescue”.Remember.Well, it was SO long ago.Why, that was way back last … week… last Friday to be exact.

Monday, the US Stock market reacted as if a Black Hole had opened in the floor beneath the exchange and sucked all the money down it.

So now the “Cover Your A**” maneuvers begin, big time, in Washington, DC.

Hey, I’m just an ole country boy, down here in the swamps of the Southeastern US, and I will survive no matter what the economy does, or doesn’t do, as the case may be.Reminds me of the old country tune:“Country Boys will Survive”.There’ll be no jumping out of skyscraper windows down here.Heck, you’d have to drive 150 miles to find a building tall enough to jump off with the expectation of anything worse than a sprained ankle, anyway!

But, the big boys are circling the wagons and preparing to defend the positions they took last week on rescuing the nation’s economy.All the while, they are looking for a scapegoat when all they have to do is look in the nearest mirror.As we reminded readers last week, it was the federal government that caused all this, to begin with, and now they have doused the fire with gasoline, with their near trillion dollar bailout, and as many of us warned, the fire has only gotten worse. And, to the chagrin of our socialist brethren in Europe and even Asia, it has spread to them.

Sometimes doing nothing is exactly the right thing to do!Unfortunately the government doesn’t see it that way.

The immediate excuse for this debacle is that the “Bailout” is not working fast enough.The claim is that companies are not able to get the money they need to finance acquisitions or for normal day-to-day operating expenses.Look, I took my business training at a School of Business at a noted university here in the state and they taught us about “reserves” and things like “working capital”, you know, good business practices. Heck, I’ve still got my textbooks on it.Seems to me a heck of a lot of the folks in the leading corporations and banking institutions must have missed those classes.

This mess, this debacle, this …OK, I can’t think of a word that describes the situation the financial markets are in today (at least, a word that I care to use in public.)But, take a good look.THIS is what a capitalist country gets when it allows a socialist-leaning government; such as we have in the US today, to get involved with the money markets, the financial markets, and/or the stock markets.

Just so you know… this is not going to get a whole lot better anytime soon.Even though I do not have the confidence in our economic system that I once did, I am still confident in the ability of my fellow Americans and I know we can, and we will, pull out of this mess. Of course, we may have to run a few people out of Washington.If nothing else good comes of this financial disaster, that, alone, would be a very good thing, indeed.

I have debated whether or not to write this piece and my lesser angels won out!

I think we have been had. I think we were set up. I think we have just had the “October Surprise”… a few days early… whilst it was yet September.

OK. I KNOW. I know. This is going to sound as if it came from the fertile mind of a conspiracy theorist… and Lord knows, I do not wish to be equated with them. But, hey, aren’t we all conspiracy theorists to one degree or another? See? Told you so!

Anyway. Something just smells to high heaven about this “financial markets mess” in which we currently find ourselves. I mean something smells… besides the hideous mess itself. Look. We have known this bust was coming. It had to. But, what bothers me is… why did it come just now? Not being a financial wizard, (Of course, from the looks of things, there are very few of those around these days, anyway!) I know next to nothing about how the financial markets work. But… I DO know something about the way the insidious political mind works… and what we have all seen, and been a part of the past few days, just reeks of political setup.

Why, when Obama was falling behind in the polls all across the country, did this “financial bust” suddenly explode upon the scene? I have to tell you, there’s something about the timing. Yes, the timing of this whole thing troubles me deeply. And then there was the attempted setup of the Republicans by the Democrats in the House of Representatives. I am convinced the “bailout bill” was set up to go down to defeat by the House Dems. I am convinced the Dem’s WANTED the Republicans to kill it so they could then blame the Republicans for the defeat and the mess the financial markets are in. It backfired… to some degree.

Problem is, at least for the Democrats, the American people did NOT want this “bailout bill” to pass into law. The Republicans , by standing firm and voting against it, plus those 40 or so democrats who voted against it, DID abide by the will of the people they represent. The bill went down to defeat.

OK. So where is the Apocalypse? Tuesday morning the markets opened, on an upward surge, and… even though many waited for the crash to come… it didn’t. See… we’ve been told time and again if this bill did not pass there would be horrible, horrible,

consequences. We were told that this bailout must be done immediately (or sooner) or dire, dire, truly awful, things would happen to the economy and, well, just about everything conceivable BAD would occur. Well, the bill died and we’re still functioning, and functioning well, as a country.

I have to tell you, dear reader, this whole imbroglio, headed up by the Dem’s, resembles what it was… the efforts of a bunch of amateurs at work. Truly, the Dem’s are in over their heads… again. The Dem’s “took a dive”. The Dems “threw the fight”. And we all watched. And you know what? It doesn’t matter. They don’tcare that you caught them with their hands in

the cookie jar. They are that arrogant! They just don’t care.

Now, here’s the thing: In my opinion, the Dems just stole the election and they know it. Why would I say such a thing? Look, those of us who pay attention to such things saw the machinations of the Dem’s playing out right before our eyes, and recognised it for what it was. But, ask yourself, how many people were/are paying attention? How many voters will even know, or care, about what the Dems did, and tried to do, in the Congress this week? How many voters will just gobble up the news, fed to them by a left-biased media, and continue to blame the Repubs for the mess and vote against them next month? See? If you are honest with yourselves, you will have to admit the GOP has been suckered and the Dem’s landed a “below the belt blow” that has, I believe, taken the Republican Party out of contention for the White House this election cycle.

If I am correct, and I think I am, McCain has lost the election. It’s over. And what is worse… the voters will have just opted for socialism rather than capitalism in America.

OK, here’s the deal. It appears the US Senate is going to try to push through another Bailout Bill tonight. Reports have it that they intend to load it down with lots of goodies including tax cuts of various sorts for the middle class. The idea is to shame the Republicans in the House of Representatives into voting in favor of the Bailout Bill rather than run the risk of being accused of voting against tax cuts for their constituents. It’s the way the game is played.

But, you and I have a say in all this.

Early, before dawn this morning, I was on the Net sending emails to my Senators and to my Congressman imploring them to vote against the bailout bill in both the Senate and the House.

Below is the text of the e-mail I sent to both North Carolina Senators (Both are Republicans):
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October 1st, 2008

Dear Senator Dole/ Senator Burr:

I understand the Bailout Bill is coming back for a vote in the Senate tonight.

Senator, I ask that you vote against the Bailout Bill and allow the markets to Self-Correct. It seems to me, Senator, that would come closer to teaching the financial community a lesson they won’t some forget… rather than buying their bad paper with the hard earned money of US taxpayers.

Again Senator, I urge you to vote against the bailout bill.

Sincerely……………

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And to my Congressman (A Democrat):

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October 1st, 2008

Congressman:

Please accept my heartfelt gratitude for your vote against the Bailout Bill a few days ago in the House. I appreciate your standing tall for your constituents. I mentioned your vote in the local barber shop and got nothing but positive remarks from the men gathered there.

Now, I have to ask you to be prepared to vote against the bailout bill once again. It is my understanding that the Senate is going to formulate another Bailout Bill loaded with tax cuts, and goodies of that sort, in an attempt to shame the GOP Congressmen into voting for their form of the Bailout Bill which they hope to pass through the Senate tonight (October 1st, 2008.) As a registered Republican, it causes me a great deal of pain to admit that I feel my party’s representatives will cave, rather than be seen as denying tax cuts to the middle class, and vote in favor of the Bailout Bill when next it comes up for a vote in your body.

Congressman, I implore you, stand strong against this bill and allow the markets to self-correct. Allow this fiasco to be a lesson to the financial community rather than bailing them out by buying their bad paper. Allow this to be not only a disciplinary action but a “learning experience” for those who handle our money with no risk.

Again, sir, I ask, as your constituent, that you vote against this “Bailout Bill”. The country needs strong leadership at this moment, sir, and you are in a position to demonstrate that leadership.

Sincerely,
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So… now… I have put my two cents in. All my representatives in Washington know exactly how I feel about the shenanigans going on up there in the past few days.

You may not share my convictions about this Bailout Bill. That’s fine. But I am convinced bailing the culprits out is the wrong thing to do and we should not be using taxpayer money in this manner.

If you are as upset with the way the game is being played in DC, you might want to take some action yourself. A phone call, a fax, or an e-mail. Letters are fine but they may not actually reach the Senator or Congressperson for weeks due to security measures in place.

In any event. We have to keep on our toes, and stay sharp, and keep Washington’s feet to the fire about this, or we are going to be saddled with a tax burden our grand kid’s grand kids will be paying off!

Apparently, the people of the US have decided that socialism, rather than capitalism, is the way to go. The fact that it spells doom for what used to be the greatest nation on earth doesn’t seem to worry anyone except a few of us old “give me liberty or give me death” types… and there’s only a handful of us left.

I’m against the bailout. If you are a regular reader of this scribe, you already deduced that, I’m sure. I understand the letters and e-mails to Congress are running 100 to one against the bailout… but the old hippies, socialists, and reprobates populating that body, and, yes, in charge of that body, these days haven’t the slightest interest in the people of the US… nor what we want. They are involved in a power play to see who can secure the most power for their party… and the American people be damned. I am ashamed of what my country has become and is becoming.

This old conservative finds himself wishing it were possible for the US to go isolationist again. We can’t, of course. It didn’t work the last time we tried it. I am so tired of us spending our blood and treasure saving the collective behinds of the rest of the world. This week Shimon Peres, of Israel, said (at the UN) that the US had a duty to save the rest of the world from Iran. You can read for yourself what Peres said in an article titled: “Peres: U.S. has no choice but to save world from Ahmadinejad” at:

Yes, had I the power, I would have ALREADY nuked Iran with tactical nukes …small ones designed to destroy “hardened” bunkers such as those within which they house their nuclear facilities. Why?I would do it because they have threatened the US.But, understand this:I take strong exception to “the rest of the world” passing the buck and expecting us to get our young people killed and our money spent to save their sons and daughters, to save their fortunes and national treasuries, and to save their countries, while they sit back, and bitch, and moan, point accusing fingers and complain about everything we do! I am of the opinion we ought to cut them off and adopt a position that the rest of the world is on it’s own. They can fight their own wars and handle their own problems from starvation, to war, to Armageddon.

Even our neighbor to the South constantly complains because we don’t just throw open the doors to our treasury and feed, clothe, educate, and give medical care to THEIR citizens (who have illegally “broken into” our country) even more than we have to date.We should immediately invade and annex Mexico. I’m tired of supporting that pitifully mismanaged country. There is a growing feeling among conservative Americans that if we are going to support Mexico, then we ought to own Mexico.

Like so many of us true conservatives, today, I am tired, and aggravated, and just generally PO’ed at the way things are being screwed-up in Washington by BOTH sides. In my opinion, this is the sorriest government we have had in my lifetime and we have had some sorry ones, too.

Look, the US is every bit as divided as it was in 1859. In some ways we are MORE divided. I have spent a great deal of time studying that period of US history, and I can tell you… we are in every bit as scary a time as our American ancestors were just prior to the last American Civil War. Unfortunately, our semi-illiterate population, having never been taught the history of this nation, has no clue what is happening to us. Those of us who have studied our history KNOW what is happening and it is way beyond frightening.

The US is split right down the middle. We, in effect, already have two countries within the borders of a single nation… right now. I’m not referring to a north/south split, either. I talk to people, daily, from all over the country, liberals and conservatives, and I can tell you… we are in deep, deep, trouble as a nation. There is no more common ground. There is no “meeting place” where we can sit down and iron out our differences. Don’t believe me?Look at Congress today. That leaves one thing, and one thing only, as the eventual outcome.

Our entire political apparatus in the US has shifted to the left.The Republican Party has become the Democratic Party of just a few years ago while the Democratic Party has become the New Socialist Party in America.They have been hiding their leftward shift behind the nomenclature of “Progressive” while taking on the socialist philosophy. Now, they feel comfortable in dropping their façade so we can all see them for who they are.But there is no outcry from the American people.There is no outrage at the con game the democrats have been running on the American people.No.Instead, the American people have given them control of the legislative branch of the US government and stand ready to give them a socialist President in November.We urge you to drop in on the Democrat Socialist Party of America’s website and stay there a while… and when you come away, you will have a new understanding of the Democrat Party in America.

I’m a veteran of the US military.When I was sworn in I took an oath, as did all service personnel, and as did the President, and Senators, and Congresspersons, to protect and defend the Constitution of the US from ALL enemies… foreign and DOMESTIC!At the time I took that oath (in the 1950’s) I had no idea the domestic enemies of the US would have infiltrated the halls of Congress as they have.What is really galling, however, is the fact that the American people put them there by voting for them at the polling booth.I know I shouldn’t be surprised.The German people voted the Nationalist Socialist, by the name of Adolf Hitler, into office, as well.

This is a dangerous, dangerous, time in, and for, America.We are at the “tipping point” at which Americans will decide if they wish to remain free or adopt a socialist form of government and give up their freedom(s).

I have lost faith in my fellow countrymen. I now believe Americans will give up their freedom and adopt socialism.Why?Because for slothful, illiterate Americans… slavery, dear reader, is much easier than freedom.In slavery you don’t have to make tough decisions, you are not held accountable, all you have to do is follow orders.If you do that… your basic, very basic, needs will be met… food, clothing, shelter, medical care, etc.All you lose is FREEDOM!And socialism is what the Democrat Party is selling!Worse… Americans are clamoring for it like toddlers with their arms outstretched to their parents begging them:“Pick me up, Mommy!Pick me up, Mommy!”

Socialized medicine is just another step down that path to national destruction for America.Socialism has always ruined even the greatest empires, that adopted it… in any form.Look at the Soviet Union.Better yet, look at the mighty Roman Empire.Remember “Bread and Circuses”?Rome’s attempts to keep the citizens happy and distracted with food and entertainment brought the entire empire crashing down over time. Today we can look at Europe, which was set free only to turn on their liberators and adopt socialism and today exist in their own little world made free and kept free by the efforts of the American people whom they despise because they owe us and they know it and it drives them nuts! They are angry at America because of their self-imposed shame as a result of their dependence on America for their very survival.

At the risk of being condescending, only the less intelligent among us are begging for socialized medicine and all the other socialized programs the democrats are offering.Those of us, who weigh the damages socialism will do to America, and understand that it is suicide to go there, are holding out… but we are fighting a losing battle.I am now convinced that ignorance will triumph in the election in November and that victory will consume the United States of America on a blazing pyre of national decay and, finally, national death.

I see a conflagration coming in America.It is a conflagration America will not survive.

If you are a regular reader of this scribe then you have probably noticed that I have, at least up to now, said nothing about the financial meltdown the US mortgage system finds itself in these days.There is a very good reason for that. Like the average American… I know very little about the financial markets!

I never handled my own money.There are, at least, two good reasons for that.I refer you back to the last line of the paragraph above… and add to that the fact that my wife is a retired veteran of 30 some odd years in the banking business and she is a whiz at finances and bookkeeping… and… that’s why I stay away from issues pertaining to money… especially my own.That probably explains why I still have some!

However, I, like so many other Americans, am anxiously watching my savings as this financial crisis drags on so I have a deep interest in what is going on and what needs to be done to fix it and to keep it from happening again.

I don’t trust many people to talk to me about money matters.There is, however, one man who has my undivided attention when he talks money and that is… professor Walter E. Williams.For those of you who have never heard of Dr. Williams… Dr. Williams serves on the faculty of George Mason University as John M. Olin Distinguished Professor of Economics and is the author of the book: ”More Liberty Means Less Government: Our Founders Knew This Well”.

Professor Williams began a recent article by quoting H.L. Mencken:“The whole aim of practical politics is to keep the populace alarmed, and hence clamorous to be led to safety, by menacing it with an endless series of hobgoblins, all of them imaginary.” Dr. Williams then goes on to explain why politicians tend to continually scare the hell out of us so that we look to them to save us. The good doctor is correct.This government scare tactic also serves to solidify the national governor’s own job security while increasing their power over us, the governed, at the same time.

In any event, that is the general thrust of his article, which I’d like to recommend to you. It is titled: “Scaring Us to Death” and you will find it at:

I have to tell you, I have been looking askance at this whole financial market mess and the way the Congress is seemingly dragging its feet in pursuit of a solution. I can’t help but wonder if 700 billion dollars is the answer… or just the beginning of a long treasury draining and taxpayer draining process that will wind up taking the US much farther down the one-way road to socialism.I cannot help myself; I have even asked myself if this is the famed “October Surprise” we are always warned about along about this point in every Presidential election in America.

Ok, so my paranoia is sticking its ugly head up again.But, as a friend of mine used to say:“When folks are out to get you… paranoia is just damned good thinking!”… I have to agree.

As I contemplate the goings on in Washington, amongst the ruling class, about how they are going to fix this… it amuses me, to some degree, when I realize that this is another case of the fox guarding the hen house.I mean, the very people who caused this mess are now swearing to us they are going to “fix it”?”You have got to be kidding!Fortunately, “the truth is out there”, as they say, for anyone interested enough to look.I did.And this is what I found:

This whole mess had its birth in 1994 during the Clinton Administration. (Ok, OK!Before you jump all over me about beating up on the Clinton Administration, do a little research of your own, on the Net, and you will quickly learn the same thing I have.) In that year, Clinton signed a bill to promote low-income home ownership for those applicants who did not qualify for fixedrate mortgages.Business Week referred to the bill as“one that argues for creative measures to promote homeownership”.Thus began the mess the US, and, indeed, the world, finds itself in today.

When low-income folks began seeking loans to buy homes…homes they really couldn’t afford in the first place… the financial community came up with something called Adjustable Rate Mortgages (ARM). Those ARM interest rates began low but because those rates are tied to the market they began to rise… and… as they rose… those low-income folks who had bought those homes became unable to pay and the banks, and lending institutions, were forced to foreclose on them… lots and lots and lots of them. The vast number of foreclosures soon began to bleed the investment banks and mortgage institutions literally to death. That is when the bottom fell out and that is what brought us to the edge of this particular financial cliff.

Sher Zieve has an excellent article on this at The Land of the Free.Com titled:

The point is… the government did it! Now, that same government is entrusted with fixing it?Now… you TELL me… should we NOT be anxious???

Think about this for a moment:If you are comfortable with the government suspending capitalism and saddling US citizens with the yoke of socialism then this 700 billion dollar bail-out, or rescue, of the financial markets in the US is just fine with you. Are you comfortable with the government owning your home?Just asking.

Look, this is nationalization of the US financial markets.It is the foundation for socialism in the United States.If we do this… it will mean no more baby steps toward socialism in the US. Nosiree!It means we are now talking giant steps.And, as Walter Williams says… it is scaring some of us to death!